Eureka Firbes Limited vs Allahabad Bank & Ors

The Supreme Court ruled that under Section 2(g) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Debt Recovery Tribunal has jurisdiction to entertain claims against parties who may not be direct borrowers but are involved in the transaction. The Court held that the appellant's contention of lacking privity of contract with the bank was without merit, affirming that the Tribunal could proceed with the recovery process. The judgment clarifies the interpretation of 'debt' within the context of the Recovery Act, emphasizing the Tribunal's authority in such matters.